Contracts Articles - Page 1

Buying REO properties (Real Estate Owned) is not as simple as buying a home from a seller you can talk to and see. REO properties are sometimes called bank owned properties. These bank owned or REO properties go through the corporate process. When you bid on the home, the bid gets sent to a black…

Once you sign a lease for an apartment or house rental, you are responsible for fulfilling the terms of your lease. If you want to leave before the lease ends, you will usually have to pay some form of penalty. You are also responsible for any damages, according to the terms of your lease. If you…

Once the buyer and seller have agreed on the terms of a home sale, changing the title or deed without permission from all parties is not allowed. The seller cannot make any changes to the title or deed without the buyer's permission. There are some circumstances where small changes to the title or…

Get earnest money or down payment back after a short sale falls through. If you have the right to the return of your earnest money or down payment under a contract, the listing broker should have no problem sending your earnest money or down payment back. But you need to make sure you have complied…

Under your buyer broker agreement you may be able to get out of a contract if your buyers agent shows a conflict of interest. A buyer was interested in a house, until she discovered that her real estate agent also owned the property. The buyer felt uncomfortable dealing with the agent and the owner…

The homebuying process is full of surprises. Some homebuyers will find out that a home they are looking to buy has title defects, construction defects or, as in the case of this reader, the home to be purchased belongs to a homeowner's association. When a buyer is faced with these surprises, the…

When you're buying a home it's up to you as the buyer to search the address in public records. While seller disclosure does include material defects, it doesn't necessarily include crime disclosure. If you pay for a home inspection and later decide to cancel your home buying contract can you get…

When you're buying a home you decide you want to include certain appliances in your home purchase. To ensure that you get the appliances you want they should be listed in your home buying contract. If the appliances, such as a pellet stove, aren't listed in the contract, the seller may be able to…

Home buyers are having second thoughts about a new construction home they purchased and want to back out and receive some of their money put down back as well. The selling agent for the new construction home has told them cancellations are not allowed, but the buyers say that is not part of the…

A home buyer had an offer accepted to purchase a condo with a ratified contract. After accepting, the seller wants to counter the buyer’s offer. Whether both sides signed the contract and what they signed to will direct this buyer on how to proceed.

If you decide to buy a house and change your mind just before closing can you get out of your home purchase contract? It depends on the contract and the reason that you want to cancel your home purchase. You may or may not be able to get your earnest money or down payment money back when you cancel…

When making a for-sale-by-owner real estate purchase, it's important to have a real estate attorney who can assist you in the process and put together an "offer to purchase" contract. An attorney can ensure that the proper information is included in an offer to purchase contract. The attorney will…

How can you end a buyer-agency agreement with a real estate agent after you've agreed to hire that real estate agent to help you find a home? Canceling a buyer-agency agreement with a real estate agent may involve paying a fee to the real estate agent. To cancel a buyer-agency agreement with a real…

Should you renew a contract with a home security system and pay the extra fees for a service agreement. Ilyce suggests adding the service agreement to the contract because even with the fee, the new service agreement costs less than the old agreement.

Landlords are looking for a simple contract form they can use for tenants who rent out their basement. There may be renter's and landlord agreement contracts available online. Renter or landlord contract agreements may also be found at a local stationery store.

is a complex process. Some buyers are known to try to game the system, especially those selling their homes by owner. A great real estate attorney will help ensure your deal goes through when selling a home by owner.

If you don't receive mortgage financing under the current terms of a contract, what can you do? Should you renegotiate or back out of the contract? The terms of your real estate contract may include provisions that will allow you different options.

Breach of contract during a real estate deal often results in the loss of earnest money. Knowing what is in your contract will tell you what rights you have as a home buyer and what the builder's rights are. The contract will provide language regarding the termination of the contract and what will…

It's important to read contracts carefully when buying a home, including what the contract says about home inspections. With an inspection contingency, you may be required to buy a home even if an inspector says the entire foundation must be replaced. Having an inspection contingency can make sure…

A homeowner wants to know if she should pay an additional charge for a service agreement on her home security system.

What recourse does a prospective home buyer have when dealing with an aggressive real estate agent who is pressuring him to close on a house he no longer wants? The home buyer should contact a real estate attorney to find out if he's on the hook legally because there is no contract for a home…

What can you do when a contractor fails to live up to his contract in a kitchen remodeling project? Hire an attorney to go over the contract with you to understand your rights in this botched remodeling situation. It's especially hard if you later face foreclosure on the same home.

Can you as a home buyer get your earnest money back on the purchase of a home if the financial markets prevent you from getting a loan to buy the home? When you as a home buyer put earnest money down on a home you're bound by whatever the home purchase contract states. You can lose your earnest…

A home buyer asks about completing a home sale contract after discovering floor damage from an in floor heating system that was removed. Ilyce says it's great that the home buyer has a good home inspector and that completing the home sale contract depends on how badly the buyer wants the home, even…

A home seller disclosed a basement water problem before closing on her home. The buyer now wants the seller to pay for waterproofing the basement even though the problem was disclosed. Most states have a seller disclosure law for residential real estate transactions that require a seller to disclose…